Seeking to explain the country’s success, the researchers of ORS Group have spoken to leading Estonian lawyers, software developers and corporate service providers, including NJORD Estonia, Comistar Estonia, Guardtime, Private Financial Services, Eesti Consulting, KRM Advisor and Consulting24.co.

The experts agreed that the four pillars that have helped Estonia pave its way to success are the possibility to set up and run businesses online, 0% taxes on undistributed profits, the ease of obtaining a cryptocurrency license, and advanced anti-money laundering regulations.

The interviewed firms have also highlighted that AML regulations will continue to be central for the regulation of virtual currencies in Estonia in 2019.

In particular, the Estonian Financial Intelligence Unit is now authorized to call crypto license applicants in for a face-to-face interview "to assure familiarity with the AML regulations and to encourage reporting cases of alleged money laundering or terrorist financing."

"We want to let every user track and analyze crypto transactions at an advanced level. Coupled with AML laws and well-developed technical infrastructure, such as the one in Estonia, this marks a huge leap towards a more transparent blockchain reality," he added.

Earlier, ORS CryptoHound conducted research, concluding that financial institutions have no other choice but to redesign the existing rules and procedures of KYC, AML & Risk Management due to the blockchain tech.

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